Business News

Published: Friday October 25, 2013 MYT 12:00:00 AM
Updated: Friday October 25, 2013 MYT 8:43:30 AM

Higher earnings for Bright Packaging in Q4

PETALING JAYA: Bright Packaging Industry Bhd’s net profit for the fourth quarter ended Aug 31 rose to RM2.98mil from RM1.48mil a year earlier, mainly due to an increase in local customer orders from the liquor and confectionary industry.

Revenue for the period increased to RM20.83mil from RM13.46mil, the company said in a filing with Bursa Malaysia.

For its full-year ended Aug 31, the company’s net profit increased to RM7.03mil from RM3.78mil a year earlier, while revenue slipped to RM52.22mil from RM56.07mil in the previous corresponding period.

On its prospects, the company said its directors foresee a reasonable performance for the group for the year ahead, barring any unforeseen circumstances.

Bright Packaging said in a separate statement that entrepreneur-turned-investor Datuk Ricky Wong had acquired an additional 360,000 shares in the company via the open market.

It said that in a letter addressed to the company, Wong announced that the purchase made through his investment holding company, Wong SK Holdings Sdn Bhd, had raised his total stake to 10.2 million shares, representing a 23.56% stake in Bright Packaging.

Wong’s investment comes after Halley Asian Prosperity Fund acquired a 9% stake in Bright Packaging in May this year.

“The management of Bright Packaging welcomes the two new substantial shareholders and looks forward to working with them in delivering long-term appreciation of shareholder value.”

Tags / Keywords: Business, Bright Packaging, results

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